Latest News
-
LME's new Hong Kong storage facilities attract copper deliveries
Daily LME data revealed that the London Metal Exchange’s new warehouses located in Hong Kong had attracted 100 tons of copper. The copper was stored without a warrant or title documents confirming ownership. This location is expected to be operational in mid-July. Hong Kong Exchanges and Clearing's LME approved Hong Kong in January for warehouse delivery as the LME sees Hong Kong as an entry point to China, the world's largest metals consumer. The LME stated that "the arrival of metal into LME-approved storage facilities shows that listing Hong Kong as an option for delivery is attractive to metal market participants." From July 15, owners of metal will be able to place the metal on warrant and deliver it against LME contracts. The exchange, which is the oldest and largest industrial metals market in the world, has added. Sources at a LME registered warehousing company said that some additional copper was expected to arrive in Hong Kong's LME registered warehouses before July 15. However, the amounts would be small. Hong Kong's high warehouse costs had previously raised concerns about the viability and cost of the new storage facility compared to other Asian sites like South Korea or Malaysia. As of July 2, according to LME data there were 11,356 tonnes of copper in Asia in registered LME warehouses, mostly in South Korea. The market will monitor any inflows into the LME registered warehouses closely due to the tightness that has accumulated in the copper markets after the massive outflows in the U.S. early this year. The LME's copper stock is down 64% from mid-February to 97,400 tonnes, but they are up a little bit in July. This has helped reduce the premium for contracts with shorter maturities compared to those that have longer maturities. Reporting by Polina Devlin; Editing by Chizu Nomiyama
-
Italy will discuss gas measures for energy-intensive companies by the end of this month
The Italian government will begin discussing a long-awaited plan to offer discounted gas prices to energy-intensive businesses by the end this month, said the country's Energy Minister on Monday. We couldn't begin earlier because discussions with the European Union were still ongoing. Radio24 interviewed Energy Minister Gilberto Pichetto Fratin. "We didn't get the go ahead yet," he said. The initiative follows the European Commission's June approval of Italy's Energy Release 2.0 scheme, which supports the country's green transformation and power-intensive industries. In the initial phase of the scheme, electricity will be provided at a fixed rate of 65 euros for each megawatt hour, which is significantly lower than last year's price of 108.5 euros. Pichetto fratin stated that the new gas measures could be similar to the electricity scheme approved. The minister warned that it could be difficult to find suppliers who are willing to sell gas at a discounted rate. He said that it was difficult to find gas suppliers willing to offer discounted rates. Gas prices have a major impact on electricity costs in Italy where over 40% of electricity comes from gas-fired power stations. The country's gas-intensive industries include steel, ceramics and glass manufacturing.
-
Heatwave in eastern China forces students to seek shelter in libraries
After near-record temperatures raised concern about student and staff health, universities in eastern China scrambled with their dorms to install air conditioning. One university even let students sleep in cooler library. Jimu News reported that Qingdao University, in Shandong, said it had upgraded its student accommodations over the summer holiday after one student suffered heat stroke. The university did not say if the heatwave was to blame for the death of a member of staff who died Sunday morning. Jimu News reported that the staff member was a supervisor of dormitories. On Monday, 28 locations in central Henan province and eastern Shandong province issued the most severe heat alerts. The official Qingdao Daily reported that temperatures in some parts of Qingdao's coastal city soared to 40.5°C (104.9°F) at the weekend. This was just 0.5C lower than the highest temperature recorded since 1961. Qingdao University did not respond immediately to a comment request from, but it was one of six colleges that announced plans to upgrade the student housing in recent days. Yantai Nanshan University in Shandong said Monday that it will allow students to stay in the library overnight as it prepares to renovate its student halls. Jimu News posted a video showing students sitting on the ground in air-conditioned stores to escape the heat. China's electricity grid has been under pressure due to the heatwave. According to CCTV, the national electricity load reached a record of 1.47 billion kilowatts Friday due to an increase in demand for air conditioners. These announcements will increase concerns about the preparedness of Chinese institutions for extreme weather, which scientists claim is exacerbated due to global warming. China experienced its worst heatwave since 1961 in 2022. Many parts of the country were hit with a 79 day hot spell between mid-June and late August. A report in The Lancet from 2023 states that there were 50,900 deaths related to heatwaves in China in that year. At the time, no official death toll had been released. China does not keep a regular count of deaths due to heat. Reporting by Ethan Wang and Ryan Woo; editing by Andrew Heavens
-
Fives Nordon will build parts for new reactors under a deal with France's EDF.
By America Hernandez PARIS, 7 July - French engineering company Fives Nordon received an order on Monday from the state-owned utility EDF for 300 boilermaking pieces to be used in six new nuclear reactors. According to the statement, after 18 months of engineering study, part construction will begin 2027. Deliveries will continue until 2038. Fives Nordon has not disclosed the value of the contract. The President of France, Emmanuel Macron, has declared that he will expand France's nuclear capability. The flagship project Both by Extending the lifespan In the next decade, we will build at least six new reactors of a total capacity of 10 Gigawatts. In early this year, the French government decided to issue EDF bonds. subsidized loan The construction of six new reactors is estimated to cost 52 billion Euros in 2022. A revised budget is expected before the end of the year. French law requires that the government approves new reactor construction. However, this has not yet been done. A divided parliament is seeking to divide the country. slash 40 billion euros
-
Copper and other base metals are down because of uncertainty over US trade negotiations
Prices of copper and other base materials fell on Monday, as President Donald Trump announced that the United States is close to finalising a number of trade agreements in the next few days. Trump announced that the U.S. would notify other countries by July 9 of increased tariff rates, which will take effect August 1. Trump has also threatened to impose an additional 10% tariff against nations that align with the "anti American" policies of the BRICS Group of developing nations. By 0947 GMT, the LME's three-month contract for copper had slipped 0.7% to $9 798 per metric tonne. The contract's technical support is the 21-day average of $9,765.8. "Everyone has made a little profit because of the threat of tariffs, as there was already a lot optimism built into current prices in the last month," said Dan Smith. Last week, copper, which is used in construction and power, reached a new three-month record of $10,020.5 per ton. COMEX Copper stocks have reached their highest level in seven years, with a 120% increase since mid-February, as Washington continues to investigate potential new copper tariffs. Smith explained that "this copper is trapped in the U.S. right now, creating some pressure." "Much of the inventory is located in an unsuitable location, making it difficult to reach." Copper stocks at the LME registered warehouses are currently at 97.400 tons. They have increased since the beginning of July but remain down by 64% from mid-February. LME aluminium dropped 1.0%, to $2.562.50 per ton. Zinc fell 1.0%, to $2.696.50; lead slipped 0.9%, to $2.039; tin declined 1.0%, to $33,285; and nickel dropped 1.1%, to $15,115. (Reporting and editing by Leroy Leo; Polina Devitt)
-
Carbon credit projects in Brazil are a source of income for illegal loggers
Carbon credits have been issued to companies around the globe in exchange for their investments in conservation projects in Brazil. These projects aim to protect the Amazon Rainforest. Many of these projects benefit people and companies fined by Brazilian authorities because they destroyed the rainforest. Reporters examined 36 conservation projects in Brazil's Amazon that offered voluntary carbon offsets to the world's largest registries. The Brazilian environmental agency Ibama has punished landowners, developers, or forestry companies for their involvement in illegal deforestation. Offenses included clear-cutting rainforests without authorization, transporting trees felled without valid permits, and inputting false information into a government tracking system for timber. These infractions, according to government officials and experts, reflect the wide range of roles played in the illegal timber trade that is destroying the rainforest. Ibama fined 20 conservation projects for deforestation, before the carbon credits registry was created. In seven cases, fines were continued for deforestation committed by project backers after registration. Raoni Rajao said, "The whole concept is a failure." She was the head of the Brazilian Environment Ministry program to combat deforestation from December until now. He said that by paying people who have a history of breaking environmental laws, the carbon markets may be funding illegal deforestation groups. They might reduce deforestation one place but increase emissions in another with the same resources," said Rajao. He is now a professor of environmental policy at the Federal University of Minas Gerais. Brazil has fined people who violate laws that limit deforestation in the Amazon rainforest. The Amazon is the largest rainforest on earth, and it's lost a fifth of the original tree cover within the last half-century. Scientists warn that further deforestation will release large quantities of carbon dioxide which accelerates climate change. According to market watcher AlliedOffsets, the Amazon has become an important part the voluntary carbon markets, which was valued at $7.6 billion in the global market over the past five years. Carbon credits are generated by projects that reduce greenhouse emissions, such as avoiding deforestation of rainforests. Each carbon credit is equal to one metric ton saved of carbon dioxide. Polluters may then buy carbon credits in order to offset their own emissions. Referees who set standards on the global market accredit firms like Verra (a non-profit) and Cercarbono, its Colombian competitor. They have systems that verify whether a project reduces emissions in the way it was promised. The documents relating to 36 conservation projects in Brazil's Amazon, which were certified by Verra and Cercarbono as of the beginning of the year, numbered thousands of pages. Both keep public records on the project's boundaries, designs and credits. The reporters identified the key players, and compared them with Ibama’s database of fines. Ibama held the backers of five projects responsible for illegal logging within the boundaries of the conservation projects they were supporting, and not elsewhere. The study did not find any evidence that individual carbon credit projects were failing to meet their commitments to reduce deforestation compared to a projected baseline. A spokesperson for Verra confirmed that the registry would "take any allegations of illegal activity related to a registered project in one of our programmes seriously" and conduct a review on all projects flagged during the analysis. Cercarbono announced that it has opened a formal inquiry into projects flagged as illegally deforested by anyone who is familiar with the issue. A Cercarbono spokesperson stated that "there is no indication" that the integrity or the projects you mentioned has been compromised. Multinationals like the U.S. aircraft manufacturer Boeing, Spanish telecom Telefonica, and Colombian oil producer Ecopetrol are among those who have purchased credits for projects. Accrediting companies are often relied upon by buyers to ensure quality. Boeing announced that it has acquired carbon offsets which meet widely accepted science-based standards. Telefonica is a member of a corporate group that seeks to improve the integrity of voluntary carbon credits. Ecopetrol declined comment. Brazil's Environment Ministry overseeing Ibama said that the agency's database of enforcement offers a reliable record of environmental violations, which can and should be used to verify effectiveness of conservation projects sold as carbon credits. A DOCTOR WHO TURNED INTO A LOGGER Ricardo Stoppe Junior was one of the most prominent names on the Brazilian carbon credits market in the last five years. In June 2024 he was arrested as part of an investigation by the federal police called "Operation Greenwashing" and accused of being in charge of a massive illegal logging scheme. Stoppe has been promoting himself as the world’s top carbon credit entrepreneur for many years. A Brazilian doctor, he claimed to have put his life on hold in order to save 10,000 square kilometers (40 sq mi) of Amazon rainforest. According to AlliedOffsets' public transaction data and price tracking, he sold $15 million in credits since 2020. Stoppe's success in the carbon market came despite public records showing Ibama fines against him and his partners since 2014 for deforestation-related offenses. A confidential 302-page report by the police, reviewed and analyzed by, documents how authorities determined that he used his Carbon Projects to fund a criminal plan to bribe public officials in order to forge land title and launder over a million cubic metres of illegally felled rainforest timber. Last year, a federal judge ordered Stoppe's arrest and the freezing of $300 million in assets of Stoppe and his four associates for their alleged involvement in a criminal group responsible for illegal land grabs and logging. All five lawyers disputed the accusations of federal police and denied that their clients had done anything wrong. Since then, they have been placed under house arrest while awaiting charges from prosecutors. The prosecutors declined to comment about the case. Stoppe denied participating in criminal activity in his first interview following five months behind bars. He said his projects had brought environmental protection and legal rigor to a part the rainforest that was plagued by illegal land grabs. There's no such thing as a state. No police. "Nothing," Stoppe replied. "It is like the Wild West." He blamed the accusations against him on a lack of oversight by his business partners, and on investigators' bad faith. He denied participating in illegal deforestation. History of Fines Stoppe purchased a tract of land in the southern Amazonas State, which was named "Our Lady of the Ituxi Waterfalls" after cascades that were considered sacred by the neighboring Indigenous community. Stoppe stated that his plan was to clear the land and raise cattle. After a near-death encounter in the jungle when a branch knocked off his horse, he said that changed. He said that after nearly a week of being in a state of coma he realized he didn't want to destroy the rainforest. Stoppe transformed the forest surrounding the ranch into "Fortress Ituxi," his first carbon-market conservation project, which he will register in 2020 with the global certification body Verra. Ibama fined him at the time twice for falsifying data in Brazil's Timber Tracking System, totaling over 125,000 reais (approximately $23,000). Two years later he recruited ranchers from the surrounding area for a new project called "Unitor", which aimed to protect a large tract of rainforest that stretched between the Iquiri National Forest Territory and the Kaxarari Indigenous Territory. Stoppe, along with two other landowners, had already racked up Ibama penalties totaling over 8,6 million reais by the time they registered their second project. This included fines for clearing native forest and grazing cows on land that was deforested. The Brazilian Environment Ministry has not commented on specific cases that involve Stoppe and landowners. Stoppe's proposal for Unitor, which he submitted to Verra, highlighted its benefits. It warned against "criminal groups that invade federal public lands to deforest them and to commercialize wood illegally harvested." Many of the carbon credit projects we reviewed were based on a similar sales pitch. According to common methods of generating credits through conservation, the more serious the threat is, the higher the value of the avoided deforestation. Police claim that Stoppe sold the solution to a problem he created. The federal police report describes the alleged scheme, using wiretaps, land titles and permits, satellite images, and bank records. The police report alleges that Stoppe and his accomplices bribed officials to create land claims in national forests and other public lands, converting them into private estates which they then grouped together into carbon credit projects. According to a police report, these conservation projects were also a way to easily cover up massive illegal logging. The group registered their "forestry management plans" under a program of the state that allows selective logging in order to thin out a forest. Police say that Stoppe and his partner used state-issued logging permits for their project area to wash wood they had illegally extracted elsewhere. Lumber in the Amazon with legal permits is worth many times more than undocumented lumber. Thiago scarpellini, the lead investigator at the police department, said in an interview that Stoppe was the leader of a scheme to facilitate illegal logging on nearby public lands like the Kaxarari Reservation. He stated that Stoppe is "the subject of this investigation but he is not the only person working in this manner." He didn't elaborate. According to the report, Scarpellini’s team of investigators had compared the logging permits with satellite images of Stoppe’s projects. They found that they had created enough fraudulent permits to wash more than 1.1 millions cubic meters of illegal wood. Stoppe claimed he would prove to the court all land claims made in his name, and denied any involvement in illegal logging. Verra Registry put Stoppe's projects on hold after his arrest. The President Luiz inacio Lula da silva is trying to position Brazil as the global leader for "green" development. This will be on display when Brazil hosts the United Nations Climate Summit in November. Brazil, in an effort to meet its climate change commitments made under the Paris Agreement of 2016, passed a law in 2017 to create a carbon market regulated by the government, similar to those found in Europe, China, and California. The law, when it comes into effect, will require Brazilian industries to reduce greenhouse emission or pay for them to be offset in a regulated marketplace, which includes conservation projects that sell carbon credits. The government also encourages carbon credit projects which actively restore damaged biomes instead of paying landowners to avoid deforestation. The findings regarding Brazil's voluntary market are "very grave" and highlight challenges facing regulators in setting up a new market. Cristina Reis is the deputy secretary of sustainable economic development for Brazil's Finance Ministry. "SOMETHING WRONG" Ibama fined Stoppe and his partner 18 additional times for, among other things, razing 42 sq km of rainforest and falsifying 180,000 cubic meters in timber. According to an analysis of Ibama’s fines that were independently levied from the police investigation, some of these offenses fell within the scope of Stoppe’s carbon credit project. Edivan Kaxarari is a leader in the local Indigenous community. He said that some locals were hesitant about Stoppe's promise to protect the forest. They turned down the chance to work on a project to create carbon credits. The documentation for Stoppe's Carbon Credit Projects filed with Verra shows that he and partners staked a claim on land along Bull Road, which is a local road that passes by other ranches as well as the Kaxarari Reservation. Edivan, a reporter and Edivan drove down the dusty roads to Stoppe's Ituxi Ranch for two hours. He surveyed the disappearing forests of his ancestral lands. Edivan surveyed the vanishing forests on his people's ancestral lands as he drove with reporters down a dusty road to Stoppe's Ituxi ranch. Ibama’s enforcement database revealed that the agency had penalized Stoppe and his partner at least six different times for illegally deforestation on Bull Road. Edivan, who had been watching illegal logging for many years, said he was on his guard when "white men" came to the reservation two years ago and preached the environmental benefits Stoppe's projects of carbon credits. They also proposed a project in Kaxarari territory. Stoppe confirmed that he has begun discussions with Kaxarari regarding a partnership on a project involving carbon credits. Edivan, a participant in the meeting, said "They brought this carbon project proposal and mentioned what had already been done on the Ituxi Ranch with Dr. Ricardo." They didn't give much time for us to accept. Edivan and other leaders of the community expressed concerns over the proposal. Why is someone deforesting if they are working on a carbon project? He said. There's something wrong." (Reporting and editing by Claudia Parsons; Additional reporting by Marcela Parsons; Additional reporting by Brad Haynes; Jackie Botts, Ricardo Brito, and Jake Spring)
-
US Gulf Coast fuel imports are at a record low, as refiners choose heavier crude
Fuel oil imports in the U.S. Gulf Coast refinery hub hit a new record low in the month of June, as refiners were forced to use more heavy and sour crude due to tighter global supply. Refineries that run heavier, sourer oil produce more heavy residue. This is then processed in a second unit to make higher-value products such as gasoline or diesel. According to Kpler's ship tracking service, Gulf Coast fuel oil imports reached a new record low of 213,000 barrels a day in June. This is down from 233,000 barrels p.d. for the month. In June 2024, they were 430,000 barrels p.d. The Gulf Coast refineries account for over 55% of the total U.S. refining capacity. The drop was primarily due to a decline in Mexican crude oil volumes. In June, they fell to their lowest level since April 2020 at only 22,000 bpd. This is down from 71,000 in the previous month. The global high-sulphur oil supply has tightened due to the seasonal increase in demand for air conditioning in the Middle East between June and August. The feedstock is less economical to refine compared to crude, which has led prices up. According to prices published by Argus Media, the daily premium for high sulphur fuel over Mexican heavy crude Maya averaged $4.20 per barrel in May. This was the largest monthly average premium since last October. Gulf Coast refiners prefer Maya because they run heavy and medium oil. A refinery source reported that higher prices for fuel oil high in sulphur have prompted refiners use less feedstock, and more heavy crude. Austin Lin, principal oil analyst at Wood Mackenzie, said that U.S. refiners were weighing the benefits of using high-sulphur feedstocks against crude. The margins weren't as good. Roslan Khasawneh is a senior oil analyst with Kpler. He said that U.S. refiners are relying less on imported residual feedstocks in the long term and more on domestic production. Khasawneh explained that this was one of the reasons why U.S. fuel oils inventories have been trending downwards to multi-decades lows, and domestic fuel oil yields have been slightly higher since mid- to late last year. According to the Energy Information Administration (EIA), U.S. fuel oil reserves on the Gulf Coast dropped last week to their lowest level since March 1996. They were 10.63 million barrels. Khasawneh continued, "Gulf Coast oil imports are on a clear downward trend since Russia invaded Ukraine. This is due to the U.S. embargo on Russian oil imports." (Reporting and editing by Marguerita Choy in Houston)
-
How Trump's Trade War is Upending the Global Economy
The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports from February 1. He demands that they reduce the flow fentanyl into the United States and the illegal immigration. Trump agrees to a 30-day suspension of his tariff threat against Mexico and Canada in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal with China. Trump delays tariffs until the Commerce Department confirms that systems and procedures are in place for processing low-cost packages from China and collecting tariff revenue. Trump increases tariffs on aluminum and steel to 25%, "without any exceptions or exclusions". March 3 - Trump announces that 25% tariffs will be imposed on imports from Mexico and Canada from March 4, and that all Chinese imports will face a 20% tariff on fentanyl. After a phone call with General Motors, Ford, and Stellantis' chairperson and CEOs, he agrees to defer tariffs on certain vehicles manufactured in Canada and Mexico for a month. Trump exempts Canadian and Mexican goods under the North American Trade Pact from 25% tariffs for one month. Trump announces a 25% import tariff on cars and light trucks. April 2 - He announces global duties with a base of 10% on all imports, and significant higher duties for some of the United States biggest trading partners. Trump suspends most of the country-specific tariffs he had imposed less than 24 hours before, following a financial market upheaval that resulted in trillions of dollars being wiped off bourses worldwide. The 10% blanket duty on nearly all U.S. imported goods remains in place. Trump has announced that he will increase the tariffs on Chinese imports from 104% to 125%, which was the level in effect the day before. The extra duties on Chinese products, including those related to fentanyl, will now be 145%. The U.S. government grants exemptions to steep tariffs on some electronics, including smartphones and computers, imported from China. In an effort to impose tariffs in both sectors, the Trump administration launched national security investigations under Section 232 of Trade Act of 1962 on imports of pharmaceuticals and semiconductors. May 4, Trump imposes 100% tariffs on all films produced outside of the U.S. May 9 - Trump announces a limited bilateral agreement with British Prime Minister Keir starmer that keeps 10% tariffs in place on British exports and modestly increases agricultural access to both countries. It also lowers U.S. prohibitive duties on British auto exports. On May 12, the U.S. & China agreed to temporarily reduce reciprocal tariffs. The U.S. and China agree to temporarily reduce reciprocal tariffs. May 13: The U.S. reduces the "de minimis", or low-value tariff, on China's shipments. Duties for items up to $800 are reduced to 54% instead of 120%. May 23 - Trump announces a recommendation to impose a 50% tariff on all goods imported from the European Union, starting June 1. He warns Apple that it will face a 25% tariff on phones sold in the U.S. if they are manufactured outside the country. Trump retracts his threat to impose 50% tariffs on EU imported goods, and agrees to extend the deadline to July 9 for negotiations. May 28 - The U.S. Trade Court blocks Trump's tariffs in an sweeping ruling, saying that the president exceeded his authority when he imposed duties across-the board on imports of U.S. trading partners. The Trump administration has announced that it will appeal this ruling. May 29: A federal appeals Court temporarily reinstates Trump's most comprehensive tariffs. The court suspends its ruling in order to hear the government's appeal. It also orders that the plaintiffs and administration respond to the court by June 5, and by June 9, respectively. Trump signs an executive order activating the increase in tariffs for imported steel and aluminium to 50%, up from 25%. Trump warns automakers at a White House event on June 12 that he could soon increase auto tariffs. Trump announces a 20% tariff for many Vietnamese exports. Trans-shipments through Vietnam from other countries will be subject to a 40% tax. He said on Truth Social, that countries who align themselves with "Anti-American Policies" of BRICS would be charged an extra 10% tariff. Trump on Truth Social: The additional duties announced earlier in the year will be delayed until August 1 as the U.S. completes several trade agreements. (Compiled in Gdansk by Paolo Laudani, Mateusz Rabiega and Lincoln Feast; edited by Milla Nissi Prussak Jamie Freed.
China export controls have frozen antimony shipments into the EU since October
Customs data revealed on Thursday that China hasn't shipped antimony to the European Union since October. This is after the dominant supplier implemented export controls which have fueled a rise in the global price of the strategic metal.
China's antimony restrictions, which began last year, will account for nearly half of the global supply by 2023. Antimony is used in semiconductors and solar power equipment, as well as flame retardants.
Cristina Belda is a senior analyst with the information agency Argus. She said that the price of regulus grade I material has increased by over 300% compared with a year earlier.
Beijing announced in August that it would impose export restrictions on antimony, and other related elements. The reason given was national security. The initial restrictions took effect in September. This sparked a rush to stockpile, which caused shipments in August and September to increase.
Since December, China has banned the export of antimony to the U.S.
The Chinese Ministry of Commerce has not responded to a comment request immediately.
The Netherlands was the largest EU importer from China of antimony in 2023. The Netherlands brought in 3,011.98 tons. In 2024, shipments fell to 1,016.65 tonnes, with no shipments made since October.
Exports of Chinese antimony to Europe have been halted for five months. This is different from the previous round of Beijing's mineral restrictions when exports were slowly resumed within a few month as exporters received new required licenses.
Customs data shows that China's total exports of antimony in 2024 will drop by 24.1%, to 38,632 tonnes.
Since the September restrictions, antimony exports have continued to Brazil, Thailand, and Russia. Reporting by Lewis Jackson and Ella Cao; editing by Tony Munroe, Lincoln Feast and Lincoln Feast.
(source: Reuters)